Lipitor

On Monday, Pfizer announced it would sell its Capsugel business to private-equity firm KKR for $2.375 billion. If the hints the drugmaker has been giving lately are true, the move could be the start of two years of major asset sales. Here's what's ahead for the world's biggest pharmaceutical company.

Generic drugs are expected to enjoy a banner year in 2011, prompting some investment pros to reformulate their portfolios to get a jump on the transition. For Goldman Sachs, that means betting on several wholesale distributors and retail drugstores that stand to benefit.

In an update Tuesday, Pfizer said it is discontinuing 15 of the projects in its development pipeline. The news comes a month after the world's largest pharmaceutical company announced large research and development cuts were on the way.

The pharmaceutical industry is ready to fall off a cliff -- a "patent cliff." Over the next few years, some of the world's most popular and lucrative medicines will go off patent, and generic competition will siphon an estimated quarter of a trillion dollars from drugmakers' bottom lines.

Pfizer reported fourth-quarter earnings on Tuesday that nearly quadrupled from a year ago as revenue rose 6%. But it also lowered its sales guidance for 2012, due to some of its bestselling drugs going off patent. What's ahead for the world's biggest drugmaker:

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Pfizer shares were down more than 1% Monday afternoon despite the pharmaceutical giant's report Sunday of successful late-stage trial results for an experimental rheumatoid arthritis drug. The study showed tasocitinib reduced pain and inflammation and improved physical function in patients with moderately to severely active RA.

The world's biggest drugmaker reported earnings of $4.4 billion that topped estimates but revenues of $16.2 billion fell short of expectations.

For the third time in as many months, Pfizer has issued a recall of its blockbuster cholesterol drug Lipitor in response to consumer complaints of unusual moldy odor. The drug giant said the smell poses minimal health risk to patients, but it is recalling two lots -- approximately 38,000 bottles...

With King in its fold, Pfizer -- which makes Lyrica and Celebrex -- believes it can build an industry-leading portfolio of pain relievers. Among King's most appealing entrants in that market is the new Embeda, designed to prevent misuse and abuse.